CGI Gulf Insights of the week (copy 172) (629)

ByCGI Gulf Insights of the week
Monday, 25 September 2023
Published inSeptember 2023

Back

Newsletter Template - DnB

View this email in your browser

September 2023

[email protected]

Issue No:383

Country Risk Update - Kuwait

Risk Indicator - DB4b
Risk Level - Slight
Ratings Trend - Stable

We are lowering Kuwait’s economic growth forecast to 1.7% in 2023, as lower oil prices and stable oil output will weigh on the economy. Although efforts to reduce government expenditure are being opposed within the legislature, the state achieved its first budget surplus in nine years in FY2022/23 on the back of buoyant oil revenues. Higher oil prices have eased the fiscal crunch (curbing external financing), but the outlook for fiscal reforms remains weak. The latest budget will not increase capex and infrastructure investment but will prioritise 'one-off' hikes in social transfers. The central bank is tightening requirements for banks to notify them about remittances of above KWD3,000 within one working day.

MARKET OVERVIEW

Sheikh Hamdan launches Dubai Economic Leadership Program

(Source: Gulf Business)

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has launched the Dubai Economic Leadership Program. The initiative aims to prepare the next generation of skilled Emirati talent to lead the emirate’s key sectors by exposing them to the latest economic trends and expertise. Organised by the Mohammed bin Rashid Centre for Leadership Development (MBRCLD) in collaboration with strategic international partners, the programme will prepare national talent through education and focused activities for future leadership. Sheikh Hamdan said on his official account on X (formerly Twitter): “Our goal is to prepare Emirati talent who will assume the responsibility to elevate Dubai’s economy and its future, fulfill its economic agenda, D33, and ensure sustainable growth......

Saudi Arabia’s economy crosses the trillion-dollar mark: Report

(Source: Gulf News)

Saudi Arabia’s Gross Domestic Product (GDP) has surpassed SR4.155 trillion ($1 trillion) for the first time, achieving this milestone ahead of the 2025 target, as reported by the Federation of Saudi Chambers on the occasion of the Kingdom’s 93rd National Day. According to the report from the official Saudi Press Agency (SPA), the Saudi economy experienced a growth rate of 8.7 per cent, the highest among G20 member states. This growth was primarily driven by increased production capabilities, resulting in an 81.2 per cent self-sufficiency rate and a 27.3 per cent investment rate (the invested percentage of output). These factors contributed to boosted confidence in the national economy and the Saudi riyal as a stable store of value, reflected in the rise of local currency deposits to 67.7 per cent in 2022 from 66.5 per cent in 2021.......

3 Abu Dhabi banks have partnered with ADCCI

(Source: Gulf Business)

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has partnered with three local banks, as part of the chamber’s broader strategy to support economic growth and advance the investment climate in collaboration with local and international entities.The MoUs were signed with the Abu Dhabi Islamic Bank (ADIB), Al Maryah Community Bank, and Wio Bank. The agreements aim to facilitate the access of ADCCI’s members, entrepreneurs, and investors in the UAE and overseas unique and comprehensive banking services in the UAE and Abu Dhabi. The partnerships seek to introduce members and investors to a range of services, promotional packages, and financing assistance programmes.........

UAE aims to create 20,000 jobs in agriculture: 7-point agenda to achieve targets revealed

(source: Khaleej Times)

The UAE aims to increase the contribution of agriculture sectors in the economy by $10 billion (Dh36.7 billion) and create 20,000 jobs in the next five years, said Abdulla bin Touq al Marri, UAE’s Minister of Economy. While speaking during the fifth Future Food Forum in Dubai, the minister revealed seven key pillars to achieve the objective including localising innovation, fostering a UAE-first culture and food supply chain, making the UAE a global regulatory powerhouse ensuring that products are of higher standards and have international recognition, and providing farmers with the necessary support and resources to make them a global leader in agri-food innovation and sustainability........

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

Hit your targets with precision!

(Source: CRIF - Dun & Bradstreet)

Achieve precision targeting with Hoovers! Access over 120M business records, dive deep into intelligence, and gain valuable insights for perfect prospects. Unleash data-driven power now!

Supply Chain Solutions For Sustainable Change

(source: CRIF - Dun & Bradstreet)

In collaboration with AJMS and CRIF Gulf, CIPS Dubai Branch cordially invites you to a seminar on propelling ‘Sustainable Change in the Supply Chain through ESG Solutions’ ........